This article examines the impacts of monetary policy on agricultural prices in four Asian economies using time series analysis and graph theory. The estimations clearly show that agricultural prices overshoot their long-run equilibrium values for Korea, Philippines, and Thailand, and the overshooting for agricultural prices is larger than for manufactured prices. Impulse-response functions and variance-decomposition analysis based on directed graphs and causal structures highlight the complex interplay among the variables in the model and how those relationships differ by country. Money supply changes clearly affect real variables and relative prices for all countries either through overshooting or non-neutrality of money.

Asian welfare capitalisms as well as advanced economies face the risks associated with globalization. In order to understand how Asian welfare capitalisms respond to globalization, it is essential to describe the institutional diversity of Asian welfare capitalisms and the welfare–risk nexus. This paper defines four types of Asian welfare capitalisms based on social spending data and investigates the welfare–risk nexus by focusing on globalization risks, such as a globalized production process, trade openness, and financial integration. The empirical results based on multiple factor analysis and cluster analysis clearly show that Asian welfare capitalisms are heterogeneous and that four clusters can be found in the welfare–risk nexus based on the dimensions present in Asian economies in the 2000s. This analysis stresses that globalization has different effects on these types of Asian welfare capitalisms according to their welfare–risk nexuses.